Yes, but you argue it as if it's a valid and complete restriction on the part of the Federal Government when it's clearly not. Even assuming that the federalizing of the airwaves is a Constitutionally legitimate action, it's abundantly clear that the Supreme Court feels there are limits on the limits, as it were.
But you continue to ignore the reality that your underlying premise is built upon a foundation of sand. Madison would, in all likelihood, reject the notion of public-owned airwaves, which would kill your argument in it's infancy. You build false arguments upon false assumptions and then act as if they are unassailable facts.